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Mr. Moore wants to purchase a new car. He has saved $3,587 for a down payment. He knows that he can afford to pay $4,720
Mr. Moore wants to purchase a new car. He has saved $3,587 for a down payment. He knows that he can afford to pay $4,720 p0er year and that his bank will charge him 6% interest on the car loan. He intends to pay off the car in 6 years. Interest will be compounded annually. Of the following, which is the most expensive vehicle in his price range that he could consider? (PS don't forget to add the down payment to the amount you calculate).
Choose one answer from below:
$22,140
$ 29,900
$26,750
$29,105
Please show work.
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